Equal Credit Opportunity Act (ECOA)
Definition of "Equal Credit Opportunity Act (ECOA)"
U.S. law making it illegal to discriminate when giving credit based on factors such as race, religion, color, age, national origin. A lender must respond to credit applications within 30 days. If the application is denied, reasons must be given. The purpose of this law was to assure that lenders would not treat one group of applicants more favorably then other group except for reasonable and justifiable business reasons. Strict rules have in all aspects of a credit transaction including that dealing with the purchase or real estate.
Popular Real Estate Terms
generic name of the form used to file taxes payable to a federal, state, or local government. The tax return includes items such as gross income, deductions, tax credits, and tax due. ...
The rate at which a market can absorb additional units of supply without causing market saturation and severe price distortions. For example, during a recessionary period, many homeowners ...
(1) Method of measurement lumber using the board foot cubic measure. The board measure is used to estimate quantities and prices of lumber materials. (2) Method of estimating lumber ...
See ordinary annuity. ...
The meaning of direct costs implies such expenses that you can connect straight to a particular goods’ or service’s production, manufacturing, and preparation. As opposed to ...
Same as term graduated lease: A rental stipulation a varying rental rate. Rental rate are determined tied to periodic appraisals or an inflation or an inflation index. The provision is more ...
As a collective noun, land cost means the total cost of purchasing a parcel of land or lot with specific land use and ownership. The land cost includes the purchase price, closing costs, ...
Amount paid to a person or business for bringing the parties together in a business arrangement. The finder may also act in a consulting capacity. The fee may be a flat amount or rate, a ...
Maybe you’re studying for your real estate exam, or you heard the word from your real estate agent and didn’t know what it means. Whichever your reason, we’ll go ahead and ...
Have a question or comment?
We're here to help.